Sales to March 1, 2001 up Significantly|
Omni-Lite Industries Canada Inc
March 5, 2001
Omni-Lite is pleased to announce that sales to date are $618,277 CDN, a 160% increase over sales of $237,324 CDN in the same two month period of fiscal 2000. "These positive results reflect the completion of research and development efforts in the fall of 2000 and are particularly significant as Q1 is typically the slowest quarter of our fiscal year", stated David F. Grant, President and CEO. In addition, the new cold forging system purchased in February is currently being installed in the Cerritos facility. The initial production from this system is scheduled for late May 2001.
In order to help finance the purchase of the new facility and production equipment in Cerritos, David and Catherine Grant have provided a shareholder loan of approximately $1,155,000 CDN. This loan was provided on an interest free basis. "The future of Omni-Lite as measured by the growth of revenue and earnings and the dedication of our staff and vendors toward the success of this project give us great confidence in making this loan to the company ", stated David F. Grant, President and CEO. To further facilitate the planned growth in the company several officers and directors namely Donald J. Kelly, David F. Grant and Catherine Grant have canceled all their outstanding options in the company's stock. These options are now available for the new officers, directors and employees that are needed to fuel the company's growth.
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